TRIG Executes Buyback of 260,000 Shares at 76p, Increasing Treasury Holdings to Over 154 Million

Details of TRIG’s Share Buyback Programme and Treasury Share Growth

The Renewables Infrastructure Group Limited has continued its strategic share repurchase initiative with the purchase of 260,000 ordinary shares on 24 July 2026. The programme, announced on 9 August 2024, enables TRIG to progressively buy back shares over time. The recent acquisition at a weighted average price of 76 pence per share was executed via Investec Bank plc.

Following this transaction, TRIG’s treasury shares total 154,762,374, reflecting cumulative buybacks under the programme. The company intends to hold these shares in treasury, providing flexibility for future deployment. Treasury shares can be used for employee share schemes, acquisition financing, or potential cancellation to reduce share capital. This accumulation signals TRIG’s confidence in its capital position and the appropriateness of share buybacks at current valuations.

Execution and Trading on the London Stock Exchange

The 260,000 shares were acquired in a single transaction at 16:39 BST on 24 July 2026 on the London Stock Exchange (XLON). The uniform price of 76 pence per share indicates the entire order was matched at one price level, facilitating efficient execution without fragmentation across multiple price points. This contrasts with other buyback methods that may use algorithmic trading across venues to minimize market impact.

Investec Bank plc acted as intermediary, executing the purchase under the terms of the buyback programme. The transaction was fully conducted on XLON, with no shares routed to alternative venues such as CBOE-BXE, CBOE-CXE, Aquis, or Turquoise. The detailed disclosure complies with Article 5(1)(b) of Regulation (EU) No 596/2014 (Market Abuse Regulation), ensuring transparency.

Impact on TRIG’s Share Capital and Voting Rights

This buyback affects TRIG’s share capital structure and the denominator used for shareholder disclosure obligations under the Financial Conduct Authority’s rules. Excluding treasury shares, total voting rights now amount to 2,331,200,512 ordinary shares. Shareholders should use this figure when calculating thresholds for regulatory notifications, such as at 3%, 4%, 5%, and subsequent whole percentage points.

Treasury shares, while held on TRIG’s balance sheet, carry no voting rights and are excluded from voting calculations. Although total issued share capital has increased due to treasury accumulation, voting rights remain limited to the outstanding 2,331,200,512 shares. This distinction is critical for shareholders’ compliance with FCA notification requirements.

TRIG’s Renewable Infrastructure Investment Model

TRIG operates as an investment company focused on renewable energy infrastructure assets. It manages a diversified portfolio of renewable electricity generation and related infrastructure, generating shareholder returns via income distributions and potential capital appreciation. This model appeals to institutional investors seeking stable, inflation-hedged infrastructure exposure.

The ongoing share buyback programme reflects TRIG’s confidence in the value of renewable infrastructure investments at current market prices. The board’s continuation of repurchases indicates management views the shares as trading at or below fair value, prioritizing share count reduction over alternatives such as special dividends or accelerated acquisitions. For shareholders, buybacks increase their proportional ownership of the renewable asset portfolio when executed below net asset value.

Pricing and Market Valuation at Purchase

The weighted average price of 76 pence per share paid on 24 July 2026 was consistent across all 260,000 shares, indicating a single-price execution. This price reflects management’s assessment of fair value for share repurchases. While the announcement does not disclose TRIG’s net asset value or dividend yield at the time, investors typically compare buyback prices to net asset value to evaluate accretive impact.

The decision to proceed with the buyback at this price suggests management’s valuation remains aligned with or above 76 pence per share. Absence of net asset value disclosure limits external analysis of intrinsic value effects from this transaction.

Future Use of Treasury Shares and Strategic Flexibility

With treasury holdings now at 154,762,374 shares, TRIG has a substantial reserve for strategic purposes. The company currently intends to hold these shares in treasury, preserving flexibility for future deployment. Possible uses include financing acquisitions by issuing treasury shares, employee incentive schemes, or share cancellation to reduce share capital.

Maintaining treasury shares also provides a buffer against dilution and an alternative to raising new equity capital, avoiding associated costs and regulatory processes. This multi-year accumulation underscores TRIG’s commitment to this capital allocation strategy.

Regulatory Compliance and Transparency

TRIG’s disclosure of this buyback complies with the Market Abuse Regulation (EU No 596/2014), providing detailed transaction data including date, time (16:39 BST), volume, price, and trading venue. This transparency ensures equal information access for all market participants and supports regulatory oversight.

The announcement includes identifiers such as TRIG’s LEI (213800NO6Q7Q7HMOMT20), ISIN (GG00BBHX2H91), and Investec Bank plc’s FCA code (IVESGB2L), facilitating regulatory tracking. The voting rights denominator disclosure enables shareholders to accurately assess their notification obligations.

Role of Investec Bank plc and Supporting Parties

Investec Bank plc executed the buyback on TRIG’s behalf, leveraging its UK equity market expertise and liquidity access. The bank’s role encompassed timing and execution within board-set parameters while ensuring regulatory compliance. TRIG’s selection of Investec reflects confidence in its operational capabilities and sector knowledge.

Additional contacts include InfraRed Capital Partners Limited, likely TRIG’s investment manager, with representatives Minesh Shah, Phil George, and Mohammed Zaheer available for investor inquiries. Brunswick serves as financial communications adviser, with Diana Vaughton and Charles Malissard managing investor and media relations. BNP Paribas and Aztec Financial Services (Guernsey) Limited also support TRIG’s operations and buyback programme.

Ongoing Buyback Programme and Capital Management Strategy

TRIG’s continuation of its share buyback programme since its August 2024 inception demonstrates a sustained capital allocation commitment. The board’s ongoing authorisation indicates management’s conviction in the value of TRIG’s renewable infrastructure portfolio at current market discounts to net asset value. Buyback activity typically varies with market conditions, accelerating during undervaluation and moderating when share prices strengthen. No guidance on future buyback volume or timing was provided.

This approach reflects a broader capital management philosophy focused on returning value to shareholders amid volatile macroeconomic conditions. Rather than accumulating excess cash or deploying all capital into acquisitions, TRIG prioritises share repurchases to reduce share count and increase existing shareholders’ proportional ownership. Investors should monitor future announcements for updates on buyback activity and capital deployment.